Redding, Calif.-based Bank of Commerce Holdings has announced the sale of 51% ownership position in Bank of Commerce Mortgage to Scott Simonich and Mario De Tomasi, partners of Simonich Corp.
In May 2009, Bank of Commerce Holdings acquired 51% of the capital stock of Simonich Corp., a residential mortgage banking company headquartered in San Ramon, Calif. With this new transaction, Bank of Commerce Holdings agrees to sell back the 51% ownership position to Simonich and De Tomasi. According to Bank of Commerce Holdings, the transaction provides for a ‘continued relationship between the two companies on the funding side and puts both parties in the best position to pursue their core competencies.’
‘We are pleased to announce this sale, as it further aligns our strategic focus on core banking, enables us to redeploy capital and to continue our relationship with Simonich Corp. as a lender,’ says Patrick J. Moty, president & CEO of Bank of Commerce Holdings. ‘We will continue to look for favorable opportunities for expansion, including acquisitions, as part of our overall growth strategy.’